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A mid-week public holiday for Anzac Day in Australia and New Zealand made for modest deal flow in the week ending 26 April. High-grade issuers dominated Australia's primary market, including a A$1.35 billion Kangaroo from Province of Québec. Meanwhile, Rabobank New Zealand added NZ$150 million to its April 2027 floating-rate notes.
Investor diversity, relative value and the growing status of the Australian dollar market lined up for Province of Québec as it shattered the record volume for a Canadian province Kangaroo transaction. The A$1.35 billion, 10-year print was nearly four times larger than any previous deal from the sector – a record that had stood for a decade.
Vicinity Centres’ Australian dollar return provides another example of investor support for a wider range of corporate sectors – in this case, an oversubscribed book coming in for an issuer in the retail real estate sector as it seeks to move on from the pains of the pandemic. The issuer says domestic market conditions proved attractive for pricing and tenor.